Yes and no; the borrow checker requires that mutable references are exclusive, which combined with ownership semantics means that it isn't possible to construct references that overlap if either is mutable. This is only in "safe" Rust though; inside an a`unsafe` block (or an `unsafe` function, which can only be called in an unsafe block) certain invariants are relaxed, with the requirement that they need to hold again at the close of the block to avoid undefined behavior.
In practice, that means that when writing your own code, you can (and in the vast majority of cases should) just stick to safe Rust, and you can be sure that you won't ever make overlapping references if either one is mutable. Safe APIs can be built on top of unsafe APIs though, so you won't necessarily be able to assume your dependencies are doing the same (although there's tooling to help with that, e.g. requiring via the config to generate a build error if any dependency uses unsafe code)
In practice, that means that when writing your own code, you can (and in the vast majority of cases should) just stick to safe Rust, and you can be sure that you won't ever make overlapping references if either one is mutable. Safe APIs can be built on top of unsafe APIs though, so you won't necessarily be able to assume your dependencies are doing the same (although there's tooling to help with that, e.g. requiring via the config to generate a build error if any dependency uses unsafe code)